Freeport LNG on track to stop getting natgas at Texas export plant
Freeport LNG's long-idled liquefied natural gas (LNG) export plant in Texas was on track to receive...
Freeport LNG's long-idled liquefied natural gas (LNG) export plant in Texas was on track to receive no natural gas from pipelines on Tuesday after receiving small amounts of fuel over the past 12 days, according to Refinitiv data.
Since Jan. 26 when federal regulators approved the company's plan to start cooling some pipes, the plant has pulled in an average of 34 million cubic feet per day of pipeline gas.
That is a fraction of what the plant can pull in when operating at full power. Freeport can turn about 2.1 billion cubic feet of gas into LNG each day, which is about 2% of total U.S. daily gas production.
Markets weigh U.S. inventory draw, supply disruptions
Data from the American Petroleum Institute (API) showed that ...
Data from the American Petroleum Institute (API) showed that U.S. oil inventoriesunexpectedly shrank by 2.1 million barrels in the week of February 3. The reading heralds a similar trend in government data due later in the day, which is forecast to show an inventory build of 2.457 million barrels.
But the API data also showed that gasoline and distillate stockpiles grew in the past week, indicating that retail fuel consumption- a major driver of U.S. demand- still remained under pressure.
U.S. crude inventories expanded over the last six weeks, raising some concerns over demand in the world’s largest oil consumer, as it grapples with relatively high inflation and rising interest rates.
Biden appears to go off script to say US needs oil, gas drilling
President Biden appeared to go off script during his ...
President Biden appeared to go off script during his State of the Union address Tuesday evening, saying that the U.S. would need oil and natural gas for many years to come. "We are still going to need oil and gas for a while," Biden said during his speech.
Biden's comments on oil and gas, though, were notably not included in the official copy of his speech shared by the White House.The only mention of oil in the official transcript was a comment about Big Oil reporting record profits last year.
"Last year, they made $200 billion in the midst of a global energy crisis," he said. "It’s outrageous."
Benchmark U.S. crude oil for March delivery rose...
Benchmark U.S. crude oil for March delivery rose $3.03 to $77.14 a barrel Tuesday. Brent crude for April delivery rose $2.70 to $83.69 a barrel.
Wholesale gasoline for March delivery rose 9 cents to $2.46 a gallon. March heating oilrose 13 cents $2.90 a gallon. March natural gas rose 12 cents to $2.58 per 1,000 cubic feet.
Dow snaps 3-day losing streak after Fed chief Powell says the peak policy interest rate may be higher
U.S. stocks ended sharply higher on Tuesday after a volatile...
U.S. stocks ended sharply higher on Tuesday after a volatile session in the wake of Federal Reserve chair Jerome Powell’s comments that inflation will decline significantly in 2023 but more interest-rate hikes will be necessary.
The Dow Jones Industrial Average DJIA, +0.78% ended up 265.67 points, or 0.8%, to 34,156.69.
The S&P 500 SPX, +1.29% gained 52.92 points, or 1.3%, to finish at 4,164.
The Nasdaq Composite COMP, +1.90% rose 226.34 points, or 1.9%, to end at 12,113.79.
